More than half of those living in London would not want to live anywhere else in the UK, despite most disagreeing that house prices and rental costs in the capital represent good value for money, our survey has revealed.
- 68% of London homeowners disagree with the statement that house prices in the capital represent good value for money
- 74% of those who pay rent think the same
- However, 53% of adults living in London say they wouldn’t want to live anywhere else in the UK right now
- A higher proportion of female homeowners do not think house prices in the capital are good value for money, with 76% compared to 58% of males
Renters who work full time are least likely to agree that house prices are good value, with 80% saying costs are too high
Evidence emerged in April this year that the North/South divide between Britain’s house prices was widening, with prices in London continuing to rise. While house prices in all other regions of England fell in the first quarter of this year, the capital's selling prices rose, and last year prices in the capital went up 6.1%.
It was no surprise, then, that a London street claims the title of most costly in the country. In February, Victoria Road in Kensington, West London, was named as the most expensive street for property in England and Wales. The street, once home to poets TS Eliot and Robert Browning, has an estimated average property value of £6.4 million. Some 14 of the 20 most expensive streets in England and Wales were in the West London borough of Kensington and Chelsea.
Rental website Rentright.co.uk’s Rental Price Index puts the average price of renting a three bedroom property in the capital in June 2011 at £2,610 per month. In comparison, the average price of a 3 bedroom property across the UK for June is calculated at £1,349.